Polkaswap Ecosystem Updates #75, February 29, 2024

Published in
6 min readFeb 29, 2024

Polkaswap introduces an on-chain order book, KEN token distribution, and more updates to enhance user experience.

February has been a great month, with some key developments that set Polkaswap apart from many decentralized exchanges. What are they?

For most people, trading on a DEX was perceived as a different experience than a CEX. Being taken by the hand and guided throughout the process felt comfortable, so improving DeFi services and facilitating user interaction is essential. The on-chain order book facilitates a familiar and direct trading environment for users accustomed to centralized exchanges.

Polkaswap’s Order Book launch aims to elevate the user experience in the decentralized sphere, offering benefits such as anonymity, decentralization, and unrestricted global access, unlike anything a centralized exchange could ever offer.

It’s shaping up to be a promising 2024 for Polkaswap, and we’re excited to see how these developments will keep us at the forefront of the DeFi scene in the Polkadot ecosystem and beyond. Let’s dive in!

Fully Decentralized On-Chain Order Book

Polkaswap upgrades to a hybrid swap/order book decentralized exchange by launching a fully decentralized on-chain order book alongside the established AMM swap. This sets a new standard in decentralized finance by offering a comprehensive view of market liquidity, real-time updates, and advanced trading strategies.

The decentralised, on-chain order book is at the heart of this transformation — a cutting-edge system that records every order and transaction directly on the blockchain. This system matches trading orders directly, offering an experience similar to traditional financial markets while operating entirely on-chain.

This is a massive milestone for the whole Polkaswap community, as well as for all of the Polkadot and Kusama ecosystems!

KEN Distribution by Burning XOR

Polkaswap introduces a user-friendly interface to track the XOR burnt to distribute KEN, the Kensetsu token.

Users can burn (permanently remove) SORA-native XOR to obtain KEN during its fair launch. KEN is designed to incentivize liquidity and is a deflationary token with a status symbol appeal.

Timeline: 30 days only, ending on approximately Wednesday, March 20th, 2024.

The KEN token is a community-proposed initiative not officially endorsed by any centralized authority or organization. Engagement with the KEN token should be done with an understanding of its community-driven nature.

The Order Book Component

Introducing the Trade page (Order Book) and lots of other improvements!

The Polkaswap Order Book feature has been released, but the UI is currently disabled until trading pairs have been voted on and markets set up.

What else is new?

XOR native staking improvements: ✨ The XOR staking UX has been enhanced with notifications and loading states. 💼 Displaying your locked XOR balance has been improved.

UX/UI & performance improvements: 🔄 A handy “Reload page” button for wallet browser extensions has been added. 📜 History updates have been streamlined for smoother navigation.

Explore the full changelog

Ongoing Developments

As we continue to push the boundaries of DeFi, several notable items are currently in progress:

  • Asset owner page — 85% complete

We’ve revamped the asset creation process, making it more user-friendly and intuitive. Asset creators can effortlessly issue new tokens with just a few clicks, streamlining the token launch process on Polkaswap. This improvement is aimed at promoting innovation and enhancing liquidity on the platform.

Introducing the new Asset Owner page lets owners mint and burn assets directly. This feature grants asset creators enhanced control over their token supply, allowing for dynamic adjustments in response to evolving market conditions.

We’ve introduced a suite of statistics for a comprehensive understanding of the performance of your created assets. These metrics encompass key indicators like trading volume, liquidity, price history, and user engagement for each asset. These insights are invaluable for making well-informed decisions about your asset strategy (This information is not intended as financial advice).

  • HASHI Substrate Bridge with Liberland — 50% complete

The development team is thrilled to announce the seamless integration of the HASHI Substrate Bridge with the Liberland blockchain. This integration enhances the interoperability and scalability of Polkaswap, opening up new possibilities for decentralized applications within the Liberland ecosystem and vice versa.

  • Kensetsu platform in Polkaswap — 5% complete

The Kensetsu platform introduces an over-collateralized stablecoin system, primarily emphasizing the introduction of a stablecoin named KUSD (Kensetsu USD, the ticker is not final). This stablecoin is supported by a diverse range of collateral assets and is governed by individual vaults. These vaults secure the assets and apply stability fees to uphold the stablecoin’s peg to the US dollar.

In an exciting development, the Polkaswap team has already begun working on this initiative, actively exploring the API for TypeScript and strategizing its seamless integration into Polkaswap, marking a proactive step towards enhancing the stability and functionality of the Kensetsu platform. Stay tuned for further updates on this dynamic venture!

Bottom Line

As SORA interoperability powers up the capabilities of Polkaswap, this new year will be chock full of developments that will allow you to participate in DeFi with style and freedom. Polkaswap continues to improve to become the one-stop platform for all your crypto needs.

Stay tuned for more updates and improvements, and bookmark Polkaswap.io on your browser and use it on the SORA and Fearless mobile wallets!

If you missed the previous ones: January 29 / 2023 Year in Review / December 15 / November 19 / October 26 / October 4 / September 18 / August 31 / August 18 / July 28 / July 4 / June 16.

Help us Get Better

The Polkaswap Bug Bounty is ongoing! Submit your findings to the Immunefi platform!

Read this article on the SORA / Polkaswap Bug Bounty Programme for more information and participation rules.

About Polkaswap

Polkaswap is a next-generation, cross-chain liquidity aggregator and hybrid AMM and order book DEX on the Polkadot (and Kusama) network(s), parachains, and blockchains connected via bridges. Through the development of bridge technologies, Polkaswap enables Ethereum-based tokens to be traded. This is done seamlessly, at high speed and low fees, while exchanging assets in a non-custodial manner on the SORA network.

Polkaswap utilises liquidity aggregation technology to trade against multiple sources, promising to solve critical problems AMM DEXs face, such as impermanent loss and pair fragmentation. As an open-source project, it allows the community to add more liquidity sources, enhancing its potential. Polkaswap is the first cross-chain, fully decentralised exchange interoperable via bridges with Polkadot, Kusama, and Ethereum, with Bitcoin and various EVM-based ecosystems coming soon.

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https://polkaswap.io is a non-custodial cross chain AMM DEX designed uniquely for the Polkadot and Kusama ecosystems and hosted on the SORA 2.0 network.